Truist Financial Cuts Nextracker (NASDAQ:NXT) Price Target to $50.00

Nextracker (NASDAQ:NXT) had its price objective reduced by Truist Financial from $65.00 to $50.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on the company. Bank of America boosted their price target on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Jefferies Financial Group initiated coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. Barclays decreased their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Finally, Guggenheim decreased their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.65.

Nextracker Trading Down 0.1 %

Nextracker stock opened at $33.52 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The business’s 50-day simple moving average is $37.31 and its 200-day simple moving average is $44.74. The firm has a market capitalization of $4.87 billion, a PE ratio of 8.89 and a beta of 2.47. Nextracker has a 52 week low of $32.19 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. During the same period in the previous year, the company posted $0.48 earnings per share. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. Equities research analysts forecast that Nextracker will post 2.52 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. 1832 Asset Management L.P. raised its position in Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares during the last quarter. GAMMA Investing LLC raised its position in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. Hilltop National Bank raised its position in shares of Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after acquiring an additional 343 shares during the last quarter. Arizona State Retirement System raised its position in shares of Nextracker by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares during the last quarter. Finally, Wedbush Securities Inc. raised its position in shares of Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after acquiring an additional 461 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.